| Great Eastern Life opens its joint venture in China. Great Eastern Life Assurance (China) Co. Ltd. uses eBaoTech LifeSystem as its core insurance system |
| June 19, 2006 |
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Following is part of the news release from Great Eastern Life.
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Official Launch of
Great Eastern Life Assurance (China) Company Ltd
The first foreign joint venture life insurance company to be headquartered in Chongqing
Chongqing, 19 June 2006: Great Eastern Life Assurance Company Ltd and
Chongqing Land Properties Group are pleased to announce the launch of
their joint venture life insurance company, Great Eastern Life Assurance
(China) Company Ltd.
The official launch event held today at Chongqing World Trade Centre was graced
by Vice Mayor Zhou Mubing. Among other distinguished guests at the celebration
were the Singapore Ambassador to China, BG (Ret) Chin Siat Yoon, and officials
from the Chongqing Municipal Government, China Insurance Regulatory Commission
(CIRC) and IE Singapore.
The CIRC has given approval on 8 May 2006 to the joint venture company to commence
life insurance business operations.
Great Eastern Life Assurance (China) Company Ltd has a registered paid-up capital
of RMB 300 million. Great Eastern Life Assurance Company Ltd and Chongqing Land
Properties Group each holds 50% share in the joint venture.
The joint venture company will carry out individual and group life, health and
accident insurance and other approved insurance business. It is the first foreign
joint venture life insurance company in China to be headquartered in Chongqing.
……
Mr. Tan Beng Lee, Director & Group CEO of Great Eastern Holdings Ltd and Great
Eastern Life Assurance Company Ltd said, “We are very excited to launch the new
joint venture company. It is a major step to enhance Great Eastern’s regional
presence beyond Singapore and Malaysia.
“Great Eastern has been established in Singapore and Malaysia for nearly 100
years. We have long been recognised for our financial strength and stability.
Renowned for our high standard of personalised service, we have been able to
leverage on IT to drive down business cost and at the same time enhance customer
service and delivery. We have the competitive advantage to provide financial
security to the people in Chongqing as well as the rest of China. Our competence
in innovative product design and packaging will also help meet their financial
planning and wealth management needs. Being Asian and sharing a common language,
we believe we are able to better understand the culture and needs of the people
in China.”
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